Monthly real estate monitor May 2012 - Delhi By JLL India

A monthly (May 2012)  snapshot of what is happening in the real estate market of India's seven major cities By Jones Lang LaSalle (JLL) India

The cities are..!
1. Bangalore
2. Chennai
3. Hyderabad
4. Delhi
5. Kolkata
6. Mumbai
7 .Pune

Delhi

Office Space Market..!
Demand picked pace in Delhi NCR in May, 2012 particularly in Gurgaon & Noida. There was a  slight increase in the number of enquiries for office space; pre-commitments in SEZs remained healthy and the vacancy rate decreased marginally with an increase in demand and limited supply. Key transactions included Flipkart leasing space in DLF Cybercity at Gurgaon, Corbus leasing space in  Noida City & Naukri.com leasing an entire project on the Noida-Greater Noida Expressway.

Office

Rents

Capital Value

Key Precincts

INR per sq ft per month

INR per sq ft

Barakhamba Road

140-380

24,000-32,000

Jasola

110-170

16,000-21,000

DLF Cybercity

65-70

NA

MG Road

110-125

14,000-17,000

Golf Course Road

85-95

11,000-13,000

Sohna Road

45-55

6,500-8,000




The “DLF Multi-Level Car Park”, a commercial block in the CBD, commenced operations with nearly  55 to 60% occupancy. Rents & capital values remained stable. Select properties in select precincts of Gurgaon quoted rents above the market average in May, 2012.
 Retail Space  Market..!
Leasing remained sluggish as quality space in malls remained a constraint. Vacancy rates in prominent
malls were in single digits in May, 2012. One of the key  retail transactions was done by Cinepolis pre- committing space on the Noida - Greater Noida Expressway.


Retail
Rents
Capital Value
Key Precincts
INR per sq ft per month
INR per sq ft
South Delhi
180-240
21,000-30,000
West and North Delhi
140-220
14,000-22,000
Gurgaon-MG Road
140-230
15,000-20,000
Rest of Gurgaon
60-100
8,000-14,000
Noida
130-220
14,000-25,000
Ghaziabad
90-150
10,500-16,000


The retail component of Delhi Airport Metro Express-Shivaji Marg Station commenced operations with nearly  45 to 50% occupancy. Rents &
capital values remained stable over the May month.

 Residential Market..!
Residential sales remained stable in Delhi NCR  during May (2012). Projects launched in May included  Assotech Blith located at sector 99 on Dwarka Expressway, Paras Irene located at Sector 70 A, Gurgaon &  Shubhkamna Legend, located at Sector 150, Noida.


Residential
Rents
Capital Value
Key Precincts
INR per month for a 1,000 sq ft 2BHK apartment
INR per sq ft
Golf Course Road
18,000-21,000
10,000-16,000
Sohna Road
10,000-11,500
5,000-7,500
Golf Course Extension Road
10,000-13,000
6,200-7,700
Noida-Greater Noida Expressway
11,000-13,000
4,000-5,500
Noida City
12,000-14,000
4,200-6,000
Indirapuram
10,000-11,000
3,300-4,000


There was a nominal increase in rents in few completed projects. Capital values remained stable across all sub markets.


INFRASTRUCTURE ONGOING ..!
*  Announcement of signal - free road link from NH  8 to Golf
Course Road.

*  Proposed Airport in Jevar, Greater Noida cancelled. This might adversely impact residential prices in surrounding areas.

*  Yamuna Expressway to be opened by July to August 2012.


Src: Jones Lang LaSalle

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